Where is the Salem Oregon real estate market headed in 2009?   You really don't need me to tell you that.  I think we all can guess that it is heading down.  How far...well that depends on the status of those state jobs that employ so many Salemites...

This February market snippet is for the single family, non-acreage property, homes real estate market here in Salem Oregon.

  • 30 Day Absorption Rate 74 Down
    Inventory 19.6 months Up
    Average Sold Price $204,245 Down
    Median Sold Price $179,589 Down
    DOM 131 Up


Salem’s inventory increased 4% over January 2009. I would not be surprised to see Salem hit the 20's next month for inventory.  Just a reminder...inventory fluctuates on a daily basis and has seasonal highs and lows. The average home price dropped 2.8% in February over January, which is not surprising given the local economy.  With a 9.3% unemployment rate in Salem AND difficult lending standards, very few people are qualifying to purchase homes over $300,000.  As such the average home price and median home prices should continue to decline as less expensive homes, foreclosures, short sales, and motivated sellers snag buyers.

7.9%.  That is the drop in the median home price in Salem Oregon from January. This is significant since the median home price is a much more difficult number to shift.  This is the halfway point where 50% of homes sold were above that price and 50% below that price.  With only 77 sales to show for January and now 74 for February, this is an bumpy start to the 2009 real estate year.  Many of the ugly real estate numbers that my fellow agents shared with me from across the country will be trending here.  Now that doesn't mean home prices are going to drop 50% here folks...it just means that we are going to decline.

For other metro city snapshots:

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6 Comments on Salem Oregon Real Estate Market Snippet February 2009

MAR
11
2009
1 Featured Post Localism Sponsor

Melina - It's good to see the stats and scary to understand them.  I hope it doesn't take too long to see those numbers go the other way. 
5:48pm • #1
254,694 Points 20 Featured Posts Attended Rain Camp Called Shot Master

Leslie I totally thought of you when I ran the Stayton and Aumsville stats and hope those areas uptick for you.
5:56pm • #2
178,295 Points 6 Featured Posts Localism Sponsor Hit Router

Good report Melina.  It's important that buyers and sellers get a clear picture of the market.  Your local knowledge and expertise certainly shows here.   
11:28pm • #3
MAR
12
2009
6 Featured Posts

Melina, Although I said Paul's market update was the best, I must admit that yours is the most informative!  ; )
3:53pm • #4
254,694 Points 20 Featured Posts Attended Rain Camp Called Shot Master

Pam, I'm going to go with Paul's format for the next market report.
4:00pm • #5
MAR
14
2009
212,237 Points 10 Featured Posts Attended Rain Camp

I love your reports and am hoping for better stats for next month!
10:25am • #6


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Melina Tomson, M.S. Principal Broker/Owner

Salem, OR

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Tomson Burnham, llc Licensed in the State of Oregon

Office Phone: (503) 371-6515

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Neighborhood real estate at its best delivered to you by a Principal Broker licensed in the state of Oregon. Get a peek into my inner data geek with my extensive Salem Oregon real estate trending graphs, or stick around to see if my sarcastic wit rears its ugly head. Either way, read, hopefully enjoy and find it helpful, then you know the drill...call/email/tweet me for help with your real estate needs.


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